Summary: Bethel, Minnesota; General Obligation

S&P Global Ratings raised its long-term rating on Bethel, Minn.'s series 2012A general obligation (GO) bonds to 'AA-' from 'A+'. The outlook is stable. The upgrade reflects our view of the continuous growth in the city's tax base and its consistent positive operating trend during fiscal years 2014-2022, which has strengthened its reserves to over 135% of expenditures in fiscal 2022 that are expected to be sustained. The series 2012A bonds are secured by the city's unlimited-tax GO pledge. Bethel is in Anoka County, about 30 miles north of Minneapolis. Residents primarily commute to nearby jobs in the Minneapolis-St. Paul-Bloomington, Minn.-Wis. metropolitan area, and the city's local economy benefits from the access to the broad and diverse metropolitan statistical area

...Most recent Historical information 2022 2021 2020 Market value per capita ($) 96,111 Population 597 596 593 County unemployment rate(%) 2.6 Market value ($000) 57,378 49,704 49,580 Ten largest taxpayers % of taxable value 12.9 Strong budgetary performance Operating fund result % of expenditures 1.7 15.1 4.4 Total governmental fund result % of expenditures (0.8) 49.8 (8.2) Very strong budgetary flexibility Available reserves % of operating expenditures 135.1 147.5 134.2 Total available reserves ($000) 624 615 553 Very strong liquidity Total government cash % of governmental fund expenditures 228 272 193 Total government cash % of governmental fund debt service 1,183 1,162 890 Adequate management Financial Management Assessment Standard Very weak debt & long-term liabilities Debt service % of governmental fund expenditures 19.2 23.4 21.7 Net direct debt % of governmental fund revenue 115 Overall net debt % of market value 1.0 Direct debt 10-year amortization (%) 63 Required pension contribution...

Summary